$2B Moved in Dormant Bitcoin (BTC) After 5 Years: Arkham
According to Arkham Intelligence, $2 billion in dormant Bitcoin (BTC) has been moved for the first time in five years. Grayscale moves 9,000 BTC to crypto exchange What's next for Bitcoin?
Arkham Intelligence reported $2 billion worth of dormant Bitcoin (BTC) activity – also before US markets opened today. This is the first time since 2019 that these coins have moved.
“$2 billion worth of dormant bitcoin moved before US markets opened today at various addresses. BTC moved once in 2019, and before that it was dormant since 2013. Historically, these bitcoins have all moved at the same time and day. Today, 49 addresses have been merged into 5 new addresses, each of which now holds between 8K-12K BTC ($380M-$480M per address),” according to a post on X, a blockchain security and market intelligence platform.
$2 billion worth of dormant bitcoin moved across multiple connected addresses before the US market opened today.
BTC has moved once in 2019, and before that it was dormant since 2013. pic.twitter.com/xD4frjzQuP
— Arkham (@ArkhamIntel) January 16, 2024
Arkham's report comes as BTC fights off selling pressure amid Bitcoin's recent activity linked to grayscale, the company behind the Bitcoin Trust (GBTC) fund. Grayscale moved 9,000 BTC worth more than $385 million on Tuesday.
9000 BTC ($385M) moved from Grayscale wallets in the last hour. pic.twitter.com/MUpy3kGkoq
— Arkham (@ArkhamIntel) January 16, 2024
The company's BTC transfers occurred in multiple batches of 1,000 coins each, totaling more than $385 million. Blockchain sleuth Lookonchain claims that Grayscale sent the coins to Coinbase Prime.
Last week, Grayscale-linked wallets transferred 4K bitcoins to the exchange, according to data Lookonchain shared on Friday, January 12. These BTC movements came as outflows from GBTC hit the market following the SEC's approval of spot Bitcoin ETFs.
Bitcoin price was set at $43,071 in the afternoon. Are these BTC moves set to create new selling pressure on the benchmark crypto?
